We are all struggling due to COVID-19 and its effects, but there are certain steps you can take for financial relief from this unprecedented global pandemic. As your local credit union, we know how frustrating it can be to apply for government aid during scary times like these. We want to do everything we can to help you feel safe. With locations in Tarboro and Rocky Mount, North Carolina, serving surrounding areas, Telco Credit Union wants to help however we can.
The state of North Carolina has created Rapid Recovery Loans for small businesses across the state. Loans are available in amounts up to $50,000, capped at two months of current revenue. These small business loans come with 0% interest for six months and no required payments. Then, loans will be subject to four-year repayment terms at 5.5% interest.
Small businesses are struggling across the nation due to mandatory closures and safety measures. Small businesses with at least one employee in North Carolina (which can include a self-employed owner) are eligible to apply for these loans. There are numerous resources and relief programs available to businesses across the country because of the stimulus package enacted by Congress. Some small businesses have had a hard time getting federal assistance so far, but there are other sources of funding to consider. Grants and emergency loans from states, cities, and community organizations might be worth looking into.
Another important update that affects many people during this time is that federal tax return filing has been extended. The deadline has moved from April 15 to July 15, 2020. Check with your state tax agency to find out if your business has more time to file or pay state and local taxes this year. Several states have changed their filing and payment deadlines like the new federal deadline. States may also waive or reduce penalties on late tax payments.
While this is a scary time, especially for financial situations, there are steps you can take to ensure that your business will stand a fighting chance. Along with the federal stimulus package, look into filing for a small business loan. And remember that you now have until July 15 to file your federal taxes. At Telco Credit Union, we know how complicated and frustrating dealing with finances can be during a catastrophe. As your reliable local credit union, contact us today and let us know how we can help!